Shares in Foxconn International fell sharply yesterday after the handset manufacturing unit of the world's largest contract electronics manufacturer issued a profit warning.
The company issued a statement late on Tuesday saying losses in the first half of this year would widen because of price erosion and a change in its product mix.
The surprise warning sent its Hong Kong share price down sharply, closing at HK$5.11, a drop of 7 per cent. Sentiment was also hit after Morgan Stanley downgraded its rating on the stock from “overweight” to “underweight”.
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